Why Renting Your Parking Space is a Great Idea to Earn a Side Income
Let’s face it: we could all do with some extra money coming in. With bills to pay and other expenses that crop up every month, having a side income allows us to live more comfortably and not have to worry so much about money.
So, how to make a side income while working full time? The perfect solution: rent your parking space. If you don’t have a vehicle or simply have a designated space, you could rent your driveway or garage to make money, as it can be highly profitable. The average earnings from this simple idea is over £1,000 a year. In parts of London and busy cities, there is even the opportunity to earn up to £200 a month with a parking space for rent!
A Win-Win Situation
Having a car parked outside of your property or on your driveway is also an added security bonus. It can make it appear like someone is home. This can make you feel safer and even deter the possibility of crime from your property.
When you rent your parking space everybody wins. Not only do you earn some easy money from your parking space that you don’t use, but someone else can save money too. Long-stay car parking at airports or even for Saturday football matches can get expensive. So, you offer them an alternative, which can actually half their parking costs but earn you a side income. Plus, for big events such as cup finals or music festivals, people are desperate to park somewhere nearby and you might have just the solution they have been looking for. For example, people made over £1,500 during Wimbledon by renting out their spaces. Not too bad!
So, what areas can you rent out for parking? Well, anywhere that you are allowed to park your vehicle. This can be outside your home, your own driveway, a garage space for rent at your property or even a secure lock-up that belongs to you. There are a variety of reasons why people will be drawn to each of these options, whether they are going to a concert or event near to you or you offer somewhere safe to park their flashy motor. The great thing is that you can make money from different people every day or you can even have a long-term agreement for monthly payment for your parking space. The opportunities are endless!
How Much Money Can I Make If I Rent My Parking Space?
The great thing is that renting your parking space is easy to get started and does not require a lot of work. But, a lot of people are unsure how much to charge when they rent their parking space and how much they can make.
The price of your parking space will be an important factor in whether someone chooses your parking for rent over someone else's nearby. That is why you should price competitively and see how much the people around you in your area are charging. While you don’t want to make it way more expensive, you also don’t want to lose money either. The likelihood is that you can make around £50 to £200 per month depending on where you live and how long someone rents your space for.
If your driveway or parking space is in a prime location in a city or town, this will mean that you can charge more for rent. For example, if you are within walking distance to a train station, shopping centre or business district, your driveway is going to be in high demand. Even places close to a football stadium and airport will allow you to make a side income very easily.
It is crucial to remember that you may have to pay tax on the money that you make with your parking space for rent. After all, it is like a second income. You are able to earn up to £1,000 per year from your property and this will be tax free. But if you make more than this amount, you will have to declare it to HMRC and pay any tax that applies.
Car Space For Rent: Things You Should Know
There are a few things that you have got to bear in mind before you rent your parking space to people. For example, if you don’t own the property you live in and it is rented accommodation, you may need to check with your landlord before you do this. They might not allow you to start renting the space or may allow you on the condition that they earn some money. In addition, if you live in shared accommodation, an unused parking space might not necessarily be yours to rent out or you have to share the income.
If you need a resident’s permit for your space, this means that you cannot rent your parking space since it belongs to your local council. But the government in England say you don’t need any planning permission to start renting out your space. It is not seen as a change of use that should be notified to them and if a local council tries to hassle you for a planning application fee, this should be challenged.
While we don’t want to think about something going wrong with renting your driveway and it is rare that anything would happen, it is always best to be safe rather than sorry. That is why it is important to check with your home insurance company before you start renting out your space. This way you can discuss if there would be any cover in case there was an accident with your property or with the other person’s vehicle.
If you need a key or code in order to access your parking space, this doesn’t stop you renting it out. While you won’t have the freedom to allow people to rent your space immediately and they can get on with their own business, it just means that you will have to speak with the renter and arrange what will happen with instructions. It can actually work in your favour, as some renters will pay more for an even more secure spot that has a code or key to get in.
How To Rent Your Parking Space
Once you have decided that you want to go ahead and rent your driveway or garage, there are a few things that you can do to make sure that it is successful and you attract paying renters. The great thing is that it is not difficult and everyone can do it.
The best thing you can do when you are advertising online is to take photographs of your parking space. This will allow people to visualise where they are leaving their vehicle when they are going to work or an event and make them feel secure that the space you are offering is legitimate. In fact, with photographs you are likely to receive three times as many bookings than you would before. You should take a minimum of two photos, one that shows the parking space and another one that shows how to approach it from the road.
Renters will also appreciate a description of the parking space. You should include all of the details that you think are relevant, such as where it is in relation to your property, how busy the road is and how secure their vehicle will be. Of course, it is important to be truthful as you don’t want any negative reviews that might affect your ability to rent out the parking space later on. This is all going to help someone that is new to the area and make them want to choose your parking space over somewhere else. In addition, you can include instructions on how to get to your parking space to make it easy.
When you have had one or two people that have rented your space, encourage them to leave a positive review. When you have good reviews for your parking space, people will be more likely to trust you and this will give you credibility. This can help people in the future to rent your parking space if they have seen others have before.
When you rent your parking space, it is up to you how long you do it for and how often. A lot of websites offer flexibility and this means that you are still in charge of your parking space and what you do with it. It is your decision who rents it from you and how much you will charge them for using your space. You will be surprised how much money you can make for something that you might never use anyway. In fact, the biggest regret that people have is that they didn’t realise they could rent out their parking space sooner!